ConocoPhillips raised expected savings on its 2021 acquisition of Concho Resources Inc. to $1 billion and lifted its planned share buybacks by the same amount, a show of confidence in the deal and the company’s outlook as it emerges from the pandemic.

The upbeat tone emerged during a market update Wednesday, during which executives emphasized expense discipline and a focus on returns to shareholders.

“I’ve never seen an integration work as collaboratively as the one between ConocoPhillips and Concho,” CEO Ryan Lance said during the market update call. “I truly believe it will prove itself to be a model to the industry as we continue to capture value from this incredible combination.”

The world’s largest independent in the first quarter closed its $9.7 billion...